Suit Claims JPMorgan, HSBC Manipulated Silver Market

Law360, New York (October 28, 2010, 2:01 PM EDT) -- JPMorgan Chase & Co. and HSBC Holdings PLC have been accused in a pair of new proposed class action complaints of manipulating the silver market and potentially reaping billions of dollars while keeping the price of silver artificially low.

The complaints, filed Wednesday in the U.S. District Court for the Southern District of New York, accuse the banks of collaborating to suppress the price of silver futures and options contracts by amassing “enormous” short positions in Commodity Exchange Inc., or Comex, beginning June 1, 2008....
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